Financial Performance - The company achieved a revenue of 1.962 billion CNY in 2024, representing a year-on-year increase of 26.13% [2] - The net profit attributable to shareholders was 109.63 million CNY, showing a significant growth of 178.52% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses reached 83.13 million CNY, with a remarkable year-on-year growth of 322.09% [2] Business Growth Drivers - The primary driver for revenue growth was the data center power business, which generated 668 million CNY in revenue, marking a year-on-year increase of 111.05% [3] - The company plans to enhance its research and development investments in data center power products to maintain its leading position in the DC power sector [3] Future Plans and Strategies - The company has disclosed a share repurchase plan and will continue to focus on cash dividends to reward shareholders [4] - There are ongoing efforts to expand overseas markets, particularly in communication power and data center power products [7] - The company is actively developing 800V DC power products to meet the increasing power demands of high-performance chips like GPUs and TPUs [6] Research and Development - The company emphasizes technology-driven development and has established several research platforms, including a national postdoctoral research station and a provincial energy internet research institute [3] - It has developed a range of innovative products, including the Panama power module and various charging solutions, while also participating in setting national and industry standards [3] Market Position and Competition - The Panama power module is positioned as a leading product for large data centers, with the company being one of the key players in this market segment [5] - The company has established a strong customer base, including major clients like State Grid and GAC Group, in the electric vehicle charging sector [5]

Core Viewpoint - The company, Zhongheng Electric, aims to become a leading digital energy company focused on zero-carbon intelligent social construction, emphasizing the development of cutting-edge digital energy technologies and internationally competitive products [4][5]. Company Overview - Zhongheng Electric is dedicated to mastering digital energy technologies and developing competitive products in key areas such as power electronics, digital power technologies, and energy cloud platform technologies [4]. - The company focuses on building a digital and energy twin system, providing comprehensive solutions for energy decarbonization [4]. Business Segments Power Electronics Manufacturing - The company provides intelligent power supply products for data centers, including HVDC power systems and prefabricated Panama power modules, which have been widely adopted in various sectors [5][6]. - The HVDC power system converts AC power to DC, ensuring uninterrupted power supply for data centers, achieving an overall efficiency of over 97.5% [6]. - The Panama power module integrates multiple components to optimize power supply efficiency and reduce energy consumption by 50% compared to previous solutions [6][7]. Site Energy - The company offers a full range of power supply products and solutions for communication operators, focusing on low-carbon energy network construction [8]. - It has maintained close cooperation with major operators, winning multiple procurement projects and developing innovative power supply solutions for 6G networks [8]. Power Supply - Zhongheng Electric specializes in low-voltage equipment and power supply solutions for traditional and renewable energy sectors, ensuring stable operation of power networks [9][10]. - The company has seen steady growth in its power supply product performance, securing key projects in the industry [10]. New Energy Vehicle Charging - The company is a leading manufacturer of electric vehicle charging stations, offering a range of products including fast charging and liquid-cooled charging systems [11][12]. - It has successfully partnered with major automotive companies to develop high-capacity charging systems [12]. Financial Performance - In 2024, the company achieved a revenue of approximately 1.96 billion yuan, a year-on-year increase of 26.13%, and a net profit of approximately 109.63 million yuan, up 178.52% [21]. - The proposed profit distribution plan includes a cash dividend of 1 yuan per 10 shares, with an expected total cash dividend of approximately 56.33 million yuan, accounting for 51.38% of the net profit [43][44]. Internal Control and Governance - The company has established a comprehensive internal control system, which has been effectively implemented [24]. - The board of directors has approved the renewal of the auditing firm for the 2025 fiscal year, ensuring continued compliance and oversight [48][56].